By: Ramy Sameeh

Abu Dhabi – Mubasher: It is expected that oil prices will see an improvement in the second half of 2016, said Abdullah Salem Al-Dhaheri, director of marketing and refining at Abu Dhabi National Oil Company (ADNOC) on Monday.

“I am optimistic about the market direction and expect the price per barrel to reach $50 this year,” he said on the sidelines of an oil and gas event in Abu Dhabi.

He added that there is an ongoing fluctuation in oil prices due the tough market conditions; however, he expects a balance to be reached by the end of the year.

Speaking at the conference, Matar Al-Neyadi, undersecretary of the UAE’s Ministry of Energy told reporters that the UAE supports the Organization of the Petroleum Exporting Countries (OPEC) and its role in achieving market stability.

The UAE also aims to protect the interests of oil-producing countries, the top official noted.

Brent crude ended last week at a 4.5% rise to $45.11 per barrel, while US crude surged 8.4% to $43.73 per barrel.

Oil prices began to slide in mid-2014, falling 78% from $115 per barrel to around $25 per barrel earlier in 2016.

Translated by: Nada Adel Sobhi